Plug Power Inc. announced on July 13, 2026, two transactions with Stream US Data Centers, LLC that together are expected to generate more than USD 80 million in near-term liquidity as part of a broader strategic infrastructure optimization initiative targeting more than USD 275 million in total liquidity improvement.

Texas Sale: Land and 164 MW of Interconnection Assets

Plug Power has signed a definitive agreement to sell its Graham, Texas, Project to Stream for up to $76.5 million. The project consists of land and associated 164 megawatts of grid interconnection assets.

Under the terms of the deal, USD 50 million will be paid at closing, with up to an additional USD 26.5 million contingent on the load capacity confirmed in the final interconnection agreement with the Texas utility. The closing is expected on or about July 31, 2026, subject to the satisfaction of closing conditions.

Beyond the direct sale proceeds, the transaction is expected to enable the release of approximately USD 14 million of cash collateral currently supporting letters of credit and security payments, following the transfer of the applicable interconnection-related obligations and security arrangements to Stream.

In total, the Texas transaction is expected to provide up to approximately USD 90.5 million of total liquidity to Plug Power.

New York Gateway Project Restructured Into Staged Closing

Plug Power had previously announced in February 2026 that it had entered into a definitive agreement to sell its interest in the New York Gateway Project to Stream.

As both parties continued working toward satisfying that transaction's closing conditions, including applicable regulatory and project-related approvals, they agreed to restructure the deal into a staged closing process.

Under the amended purchase and sale agreement for the Gateway Project, Stream's prior USD 6.5 million escrow deposit will be promptly released to Plug Power.

Stream will then make a new USD 10 million escrow deposit toward its purchase of land at the Gateway site.

The closing provisions have been amended to enable the near-term sale of the land, while the long-stop closing date for the sale of non-land assets has been extended to March 31, 2027, providing additional time for the completion of applicable New York State environmental and regulatory review processes and the satisfaction of remaining closing conditions.

The purchase price for the New York Gateway Project remains fixed at USD 142 million. Combined with a USD 5 million advance received earlier in 2026, Stream will have paid USD 21.5 million to Plug Power against the overall purchase price upon release of the escrow deposits described in the amended agreement.

Plug Power will retain ownership of the substation and interconnection assets, along with a repurchase right over the land, until the second closing is completed.

Liquidity Position and Broader Initiative

As of June 30, 2026, Plug Power held approximately USD 162 million of unrestricted cash and cash equivalents, before giving effect to any proceeds from the transactions announced on July 13.

The company stated that together, the initial New York closing and the Texas transaction are expected to deliver more than USD 80 million of near-term incremental liquidity.

The two deals represent the latest steps under Plug Power's previously announced strategic infrastructure optimization initiative, which targets a combined liquidity improvement of more than USD 275 million through a combination of asset monetization, release of restricted cash, and reduced maintenance expenses.

The company said additional initiatives under that program, including further anticipated releases of restricted cash, are advancing and are expected to contribute to reaching the aggregate target.

Expanded Relationship With Stream Data Centers

Beyond the asset transactions, Plug Power and Stream are now also actively exploring other opportunities for Plug to deploy its products into the data center industry, according to the announcement.

The company did not provide specific details about the nature or scope of those potential deployments.

Executive Commentary

Jose Luis Crespo, Chief Executive Officer and President of Plug Power, commented on the transactions, stating that monetizing these assets was a key part of the company's strategy for 2026, alongside continued improvements in margin and cash flows.

Crespo indicated that the company believes it is on track with its financial goals for 2026 and described the improvement in margins, effective management of liquidity, and the growth of the sales pipeline as critical areas of focus. He also said the company looks forward to sharing its results for the second quarter shortly.

Company Background

Plug Power, headquartered in Slingerlands, New York, and listed on the NASDAQ under the ticker PLUG, describes itself as building a fully integrated hydrogen ecosystem spanning production, storage, delivery, and power generation.

The company provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries including material handling, industrial applications, and energy production.

Plug Power states it has deployed more than 74,000 fuel cell systems and over 280 fueling stations and describes itself as the largest user of liquid hydrogen.

The company currently operates hydrogen plants in Georgia, Tennessee, and Louisiana, with a combined production capacity of up to 40 tons per day, and says its electrolyzers have been deployed across six continents.